Acquisition

Capital & Regional PLC
17 September 2003

                                                               17 September 2003

                     ISIS PROPERTY INVESTS IN THE MALL FUND
                      AS THE MALL BUYS CASTLE MALL NORWICH

London, 17 September 2003....ISIS Property has invested approximately £115m in
The Mall Fund.  The investment comes in the form of The Castle Mall, currently
Norwich's only shopping centre.  This most recent acquisition will take The Mall
Fund's community shopping centre assets to over £1.1bn in 14 locations
throughout the UK.  ISIS is the fourth institutional investor in The Mall Fund,
joining Prudential (Scottish Amicable), the Hanson Industrial Pension Scheme and
Norwich Union.

Castle Mall was one of the largest assets in ISIS Property's £4.6 bn of property
funds under management.  It comprises 80 units - a total of 37,161 sq.m (400,000
sq.ft) - of retail and leisure accommodation in Norwich city centre.  Key
tenants include leading retail outlets Virgin Megastore, Boots, H&M, Oasis, New
Look and Argos as well as an 8-screen Ster Century cinema and a 920 space car
park.  The centre was developed by ISIS Property (then Friends Provident) in
1993.

Ken Ford, Chief Executive of The Mall, said "The ISIS Property investment brings
to The Mall a significant new partner and the involvement of one of the UK's
largest and most respected asset management companies."

Ford continued "With the planned opening of Chapelfields in 2005, Norwich will
benefit from a greatly improved retail offer.  Castle Mall has become
established over the last 10 years as the city's community shopping centre with
both a strong local and national retail offer."

Richard Kirby, Director, Property Funds at ISIS Property comments:  "Castle Mall
is one of our most successful shopping and leisure destinations in the region,
but it is also one of the fund's largest single assets.  It is in policyholders'
interest for us to invest in a spread of assets, ensuring that we are not overly
exposed in one property or area.  Moving Castle Mall into The Mall Fund allows
us to achieve this while continuing to maintain a strong presence in the buoyant
shopping centre market and retaining an indirect interest in the future
performance of Castle Mall.

"The Mall Fund's existing spread of assets and additional expertise of the C&R/
Morley management team, combined with its focus on value retail and its
performance prospects, made it an attractive vehicle for Friends Provident's
With Profits Fund.  ISIS Property is looking forward to working closely with
like-minded investors to grow The Mall Fund going forward."

ISIS Property, advised by Strutt & Parker, acted for Friends Provident Life &
Pensions Ltd.  Dalgleish advised The Mall.


                                    - Ends -


Notes to Editors:

About The Mall

The Mall is the brand name of The Mall Fund, established by Morley Fund
Management and Capital & Regional plc to own and operate community shopping
centres throughout the UK.  The Mall has assets of over £1.1bn in 14 shopping
centres and has plans to grow assets to £2bn in up to 30 locations, establishing
The Mall as the UK's Community Shopping Centre brand.

For further information, visit themall.co.uk
For further enquiries, please contact:

Ken Ford, Chief Executive, The Mall - 020 7592 9000


About ISIS Property

ISIS Property Asset Management plc "ISIS Property" is the property asset
management company brought about by the merger of Friends Ivory & Sime Property
Asset Management plc (FISPAM) and Royal & SunAlliance Property Investments
(RSAPI) and has funds under management of circa £4.6bn.

For further information please contact:

Laura Torrance / Linda Welch
Halogen
Tel:  [phone]


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